Token Money – this is money that has metallic content, such as gold or silver, that always has some value regardless of what the government says (Intrinsic Value)
Economic Policies – Actions taken by government to influence economic actions.
surplus – Drive prices down. The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price
Law of supply – As price goes up people are willing to supply more
secured loan – loan that is backed up by collateral
market economy – Economic decisions are made by individuals or the open market. No government involvement, and therefore experiences many market failures.
The main purpose of most tariffs and quotas is to
Competition – In Economics, the businesses that provide a good or service that is SIMILAR to another business. Businesses that COMPETE to gain consumers and sales.
corporation – A business owned by stockholders who share in its profits but are not personally responsible for its debts.
Capitalism – a major feature of the U.S. economic system where businesses are owned and operated by private citizens
The mаin purpоse оf mоst tаriffs аnd quotas is to
Price – amount of money exchanged for a goods or provide services
Price – The amount of money paid for a good, service, or resource
Trade – Exchange of goods and services.